If you have > 100k, I would recommend a brokerage account, invested in securities (e.g. a government only money market fund for those that are very risk averse). Such securities are federally insured up to 500k via the SIPC. In addition, most brokerages carry substantial additional private insurance. Note that cash in a brokerage account is only protected up to 100k, and that some brokerages use money market “deposit accounts”, which are considered “cash” (100k limit). a money market fund, which is treated as a security, has the 500k SIPC protection limit. Also note that the SIPC does NOT protect against loss of principal in the investment, it only provides insurance for failure of the broker.
If you have less then 100k, then the FDIC will insure the full amount at any bank, plus there are ways to structure the deposit to provide > 100k protection. In my opinion, US Bank is a fairly conservative and stable bank.
